Tuscany, the Italian land of vineyards and artists, has always been a popular place for foreign visitors. Many of those who come, drawn in by the beauty and way of life, want to settle here, either permanently or with a second home. While those who can afford it have jumped at opportunities to invest in property here, a new option has recently been making this historic land available to even more buyers. Fractional ownership is becoming the new way to buy into larger and stately homes as well as simple apartments.
Fractional ownership has been a popular choice in other industries, notably aircraft, but now it is seeing its own renaissance in Italy. This is not timeshare – it is true part ownership of the property. There are several fractional developments currently available in Tuscany, including Castello di Casole, a spectacular castle resort in the heart of this region. Each of the some 40 villas is set 20 – 50 acres away from its neighbours, and a tenth share costs from £234,000 to £380,000.
Alison Moore is a British restorer who has worked on a number of projects in Tuscany. She is quoted in The Telegraph as saying this is a good way for people to get into property here. “The British have always had a love affair with Tuscany,” she says, “but it is becoming much more difficult to find properties that are affordable. So buying part of a property has become a good alternative.”
The properties are typically maintained by a management company, to which a monthly or yearly fee is paid. Depending on the property and the services performed the fees vary from minimal to quite a substantial amount. There are one-bedroom apartments to the spectacular estates of Castello di Casole, which have a yearly maintenance fee of £6,500 and up.
Fractional ownership provides a lot of flexibility to the owners, as they can take one large home for four weeks, or four smaller villas for one week each. It all depends on the owner’s plans and schedules, so they can spend part of the time skiing and part sitting in the summer sun. Larger families can get a large farmhouse, while others can settle into a cozy villa or apartment.
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With the large number of flights into both Pisa and Florence, this area is easier to get to than ever. Many discount fliers, such as Jet2.com and Ryanair, are also now flying here so it isn’t at all expensive. For those looking for a reasonable way to have a second home, this is one new option now available.
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